#Bitcoin = Daily Analysis = 16.08.2021 $BTC #BTC #crypto #cryptocurrency #investing #trading #charts #ElliottWaves

$BTC took three days to pause. A few indicators point strongly to a rally tomorrow. The coin seems to confirmed the slope of the channel. Let’s discuss the details of the next move.

CANDLES

Daily
$BTC rested for three days. Three is considered a classical number of days for a pause per the Japanese Candlesticks theory. In three days, the bears were not able to pull the price to the lower half of the preceding green candle. The previous candles formation points towards a higher high. The question is whether BTC would be able to close at a new high or not.
Some indicators have been reset and ready to advance further.
I continue to maintain the near-term target of $48.5-50k, possible as soon as tomorrow.
From the forecast on Aug 12: “…The formation of the three red candles and their positioning suggest that $BTC to likely form a Rising 3 Methods combo. … If it forms at (ideally) a new higher high, a path to $49-52 would be open.”
Not much to add.
Odds: Strong Bullish

In the next section I discuss the mid-term targets, the updated channel, changes in timing, and the alert levels.

ELLIOTT WAVES + FORECAST
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